Mumbai: The banks are brimming with cash inflows, this is what the Reserve Bank of India statistics reveal on the government's demonetisation drive that aims to curb black money and prevent spread of fake currency notes in the banking system.
The RBI said that since November 10, when the lenders in country started accepting the scrapped Rs 500 and Rs 1,000 currency notes, the banks have recorded a whopping Rs 5 lakh crore in deposits.
Apart from accepting deposits, the banks also allowed the customers faced with massive cash crunch to withdraw leading to a total cash withdrawal of Rs 1 lakh crore in cash and through ATMs.
Banks netted Rs 33,000 crore in cash through the over-the-counter exchange of notes facility. The numbers were recorded between November 10 and November 18 period.
